Intracoastal Bank Reports 2010 Results at Annual Meeting
Total assets increased 32%. Net income was $1,196,243 with no delinquent loans, no foreclosed properties and no charge offs for 2010.
Palm Coast, FL – April 8, 2011 – Intracoastal Bank, Palm Coast’s only locally owned and operated financial institution, held its annual meeting April 6 at Halifax Plantation Country Club. Bank board and management provided shareholders with a progress update highlighting the outstanding growth and success the Bank experienced in 2010.
Highlights included the following:
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During 2010, total assets increased from $85,490,438 at December 31, 2009 to $113,068,845 at December 31, 2010, an increase of 32%.
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Deposits increased from $71,930,721 at December 31, 2009 to $99,666,073 December 31, 2010, an increase of 39%.
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During the same time, total loans increased from $44,365,912 to $63,562,625 an increase of 43%. Net income for the full 2010 year amounted to a record $1,196,243.
Commenting on the Company’s results Intracoastal Bank’s President and Chief Executive Officer Bruce E. Page stated, “The Company’s results exceeded Management and Board expectations and the response from the community has continued to be outstanding,” he added “that according to data published by the Federal Deposits Insurance Corporation (FDIC) Intracoastal had the fastest growth of any bank in Flagler County during the year ending June 30, 2010, the most current data available”.
Mr. Page reported that the Bank Tier 1 capital ratio was 12.6% at December 31, 2010, more than double what is required to be considered well capitalized. The Bank has good credit quality with no delinquent loans, no foreclosed properties and no charge offs for 2010. Mr. Page stated, “Our strong financial performance has positioned the Bank to continue to grow and make loans for the betterment of the community and local economy.”
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